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USD/CAD Possible Scenario
USD/CAD looks like it finished 3 waves down and is currently trading inside its corrective wave 4. From an Elliott Wave perspective, wave 4 is currently retesting the bottom of wave 1 which according to the Elliott principle, is considered a very critical zone and is also the 61.8% Fibonacci Retracement level around 1.2630.
If the price doesn't manage to break above this area, look for a short position to target new lows this year.
From a fundamental perspective, for everyone asking about the reason why USD/CAD was going up despite very high inflation, it was because investors were thinking that higher inflation means higher interest rates, thus a stronger dollar in the future; however, this may not be the case anymore especially after this amazing move for gold to the upside.
If the price doesn't manage to break above this area, look for a short position to target new lows this year.
From a fundamental perspective, for everyone asking about the reason why USD/CAD was going up despite very high inflation, it was because investors were thinking that higher inflation means higher interest rates, thus a stronger dollar in the future; however, this may not be the case anymore especially after this amazing move for gold to the upside.
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